It’s almost after two weeks I am doing the SnP 500 thing; see the chart I posted on the 3rd of Jan, and read the complete post here! Well we did get our first target (and I guessed Obama chipped in to :-) )!
From the chart above you can see that the wedge has broken down and now we are staring down at the 200 periods MA and the significant low at 1040 and 1030 respectively. We have reached the OS levels in a jiffy and now it remains to be seen how we react to a pullback from here. Assuming that this fall is an another “buy the dip” and not THE DEEP, then also I would be personally satisfied once we are back to 1140 and above, till then it would pay to be a bear or sit aside!!!
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